Health Catalyst Inc (HCAT) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Health Catalyst Inc $0.94, price $1.72, upside -45.6%, quality 25 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $0.9963 – $58.15 · fair‑value band $0.3570 – $1.51 · the $1.72 price screens above the $0.9350 fair value. Dashed = 300-day average. As of Sep 23, 2026.
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Health Catalyst, Inc. provides data and analytics technology and services to healthcare organizations in the United States. The company operates in two segments: Technology and Professional Services.
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Health Catalyst, Inc. provides data and analytics technology and services to healthcare organizations in the United States. The company operates in two segments: Technology and Professional Services. It offers ignite data and analytics platform that provides clients a single comprehensive environment to integrate and organize data from their disparate software systems; and applications, a software analytics applications build for ignite platform to analyze clients face across clinical improvement, revenue and cost improvement, ambulatory operations, measures and registries, and data and analytics. The company also provides expertise solutions comprising data and analytics, domain expertise and education, tech-enabled managed, and implementation services; and opportunity analysis and prioritization, data governance, data modeling and analysis, quality and process improvement strategy, cost accounting, data abstraction, and population health strategies. It serves academic medical centers, integrated delivery networks, community hospitals, large physician practices, accountable care organizations, health information exchanges, health insurers, life science organizations, healthcare technology vendors, and other risk-bearing entities. The company was formerly known as HQC Holdings, Inc. and changed its name to Health Catalyst, Inc. in March 2017. Health Catalyst, Inc. was founded in 2008 and is headquartered in South Jordan, Utah.
Stock analysis
Health Catalyst Inc (HCAT) currently trades at $1.72, while our model-based Fair Value estimate is $0.9350, implying the stock looks roughly 84.0% overvalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.
Scenario range: $0.3570 (bear) to $1.51 (bull), the price of $1.72 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 25/100 (below-average quality), in the Healthcare sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Health Catalyst Inc reported revenue of $311M in FY2025 versus $242M in FY2021, a compound +6.5%/yr. Reported net income was −$178M in FY2025.
Key figures
Market cap $120M · P/S ratio 0.43 · EPS (TTM) $−3.73 · Net margin −57.2% · Return on equity −103% · Return on assets (EBIT) −13.9% · Operating margin −9.5% · Revenue (TTM) $302M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).
What moves the price
The share trades about 50% below its 52-week high and 73% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −45% fair-value upside, at −46%, HCAT screens richer than that median.
Fair Value models
Bear $0.3570Fair Value $0.9350Bull $1.51
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.36/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+1.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.5%
Start year 2020 (pandemic)
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+19.9%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−50.9% (2020) → −11.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Health Information Services · 134 stocks
Beats the industry median on 1/8 measures
Overall it trails its industry peers.
Valuation
Quality Score29 · Bottom 25%
Fair Value upside−46% · Below median
Profitability
Return on assets−3% · Below median
Net margin (TTM)−88% · Bottom 25%
Operating margin (TTM)−10% · Bottom 25%
Growth and dividend
Revenue growth−11% · Bottom 25%
Balance sheet
Debt / equity0.62× · Highest 25%
Valuation Multiplesvs Health Information Services median · lower = cheaper
P/B0.49× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (TTM)0.40× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 3
FUTURE (revenue growth)0· sector 34
PAST (return on equity)0· sector 5
HEALTH (low debt)69· sector 98
DIVIDEND (yield)0· sector 48
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Health Catalyst Inc (HCAT) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $0.9350 versus a price of $1.72, about −46% upside (overvalued).
What is the fair value of HCAT?
Our model-based fair value for Health Catalyst Inc is $0.9350 (as of Sep 23, 2026), built from audited fundamentals. The current price: $1.72.
What is the quality score of HCAT?
Health Catalyst Inc has a Quality Score of 25/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Health Catalyst Inc (HCAT)?
Our model-based price target is the fair value of $0.9350 (as of Sep 23, 2026) from 2 valuation models. Cautious scenario $0.3570, optimistic scenario $1.51. It is a calculation from audited fundamentals, not an analyst target.
What is the Health Catalyst Inc stock forecast for 2026?
Our models put fair value at $0.9350, about −46% upside versus a price of $1.72 (overvalued). Cautious scenario $0.3570, optimistic scenario $1.51. The calculation is refreshed regularly with new filings.
What is the revenue of Health Catalyst Inc (HCAT)?
Health Catalyst Inc reported trailing-twelve-month revenue of about $302M (latest available figure, as of Sep 23, 2026).
What is the intrinsic value of Health Catalyst Inc (HCAT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Health Catalyst Inc it is $0.9350 per share (as of Sep 23, 2026), against a price of $1.72. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Health Catalyst Inc stock overvalued or undervalued in 2026?
As of Sep 23, 2026, HCAT trades above its calculated fair value: price $1.72, fair value $0.9350, a gap of about −46% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HCAT?
No. The price is what the market pays today ($1.72); the fair value is what the company's own numbers justify ($0.9350). For Health Catalyst Inc the two are $0.7850 per share apart. That gap is exactly why we show both numbers side by side.
How much is Health Catalyst Inc worth?
The market values Health Catalyst Inc at about $120M (market capitalisation, as of Sep 23, 2026). Per share that is $1.72; our models calculate a fair value of $0.9350 per share.
What do the bullish and bearish scenarios say about HCAT?
Our models span a range for Health Catalyst Inc: cautious scenario $0.3570, base $0.9350, optimistic $1.51 per share (as of Sep 23, 2026, price $1.72). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Health Catalyst Inc (HCAT)?
Balance-sheet figures for Health Catalyst Inc (as of Sep 23, 2026): return on equity −103.0%, debt of 0.62 per unit of equity. They feed the Quality Score of 25/100, which measures business quality independently of the share price.
How far is HCAT from its 52-week high?
Health Catalyst Inc trades at $1.72, about 50% below its 52-week high of $3.46 and 73% above the low of $0.9963 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $0.9350 is for.
Which stocks are comparable to Health Catalyst Inc?
From the same area (Healthcare) we also value Veeva Systems Inc, Pro Medicus Limited, BrightSpring Health Services, Inc, HealthEquity, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Health Catalyst Inc stock attractive at the current price?
The data as of Sep 23, 2026: price $1.72, calculated fair value $0.9350 (−46%), Quality Score 25/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HCAT calculated?
We run Health Catalyst Inc through 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $0.9350, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. Health Catalyst Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Health Catalyst Inc (HCAT)?
The closing price on Sep 23, 2026 was $1.72. Our model-based fair value is $0.9350, about −46% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Health Catalyst Inc right now?
The price sits above even our optimistic bull case ($1.51). The favourable scenario is already priced in. Weak quality (25/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide ($0.3570 to $1.51). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Health Catalyst Inc
How large is the market capitalisation of Health Catalyst Inc (HCAT)?
The market capitalisation of Health Catalyst Inc is $120M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Health Catalyst Inc (HCAT)?
The price-to-sales ratio of Health Catalyst Inc is 0.43 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Health Catalyst Inc (HCAT)?
Earnings per share at Health Catalyst Inc are $−3.73. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Health Catalyst Inc (HCAT)?
The net margin of Health Catalyst Inc is −57.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Health Catalyst Inc (HCAT)?
The return on equity (ROE) of Health Catalyst Inc is −103% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Health Catalyst Inc (HCAT)?
On an EBIT basis the return on assets of Health Catalyst Inc is −13.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Health Catalyst Inc (HCAT)?
The operating margin of Health Catalyst Inc is −9.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Health Catalyst Inc (HCAT)?
Revenue at Health Catalyst Inc is growing −10.9% versus a year earlier (3y avg +4.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Health Catalyst Inc (HCAT) generate?
The free cash flow of Health Catalyst Inc is −$237K (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Health Catalyst Inc (HCAT) carry?
The net debt of Health Catalyst Inc is $120M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Sep 23, 2026